Are you looking for a turn-key home based business opportunity?
If you answered yes to that question below I will discuss five essential elements necessary for a turn-key home based business. Now you may ask, what is a turn-key home based business?
Essentially a turn-key home based business is one where systems are set up to allow the business to run continually even while the business owner is away. This business model is basically termed ‘passive income’ allowing the business owner to free themselves from the day-to-day workings of the business.
Many people wrongly believe a turn-key home based business allows an individual to begin earning residual income on day one with a low initial investment and very little work.
Well I am sorry to tell you this does not exist. If you want to get into the home based business arena, you need to understand there will be a lot of websites claiming to offer income potential for almost little effort. If this is a true opportunity you should question that statement.
At the end of the day a home based business, no matter what type it is, is a business and work must be done to return a profit. With a turn-key home based business, once the initial work is done the systems in place allow the business owner to automate many of the tasks necessary to run the business.
This allows a business owner to grow the business while systems automate the process helping to minimize the effort as the business grows. Having a turn-key home based business can help reduce the risk of failure but five essential elements must be present for this to happen.
5 essential elements necessary for a turnkey home based business?
- Excellent Compensation Plan
- Mentoring Structure
- Ongoing Training
- Quality Product
- Replicable System
Excellent Compensation Plan: Every home based business has a compensation plan, but they are not all created equal. Some require a certain amount of sales before a profit can be made, while others pay out on a percentage basis. You must research each company’s compensation plan to ensure you understand how and when you will get paid.
An important aspect to a turn-key business is the fact that a compensation plan for a home based business should offer some type of residual income. Essentially residual income is income received on a regular basis with little effort required to maintain the continual flow of these earnings.
Mentoring Structure: Failure in the home based business industry is very high, but one way to possibly avoid this concern is through mentoring. Every home based business opportunity has people with a wealth of experience. Not every business opportunity makes these people readily available.
Before starting in a specific home based business make sure the person that recommends the opportunity to you identifies a mentoring structure that allows you to learn the ropes under a person that has succeeded in that same business. If you are not directly under a person with experience make sure you have access to this person.
On-going Training: Training is the life blood of many home based business organizations. The products, technology and/or services your company offers are constantly changing. In addition the marketing for that product or service is also frequently changing.
Training can take place in person, on the phone, through written documents or using technology (mobile devices, computers, etc.). The best home based business opportunities have a variety of training methods since no two people learn the same. Make sure your home based business opportunity offers a variety of training methods on a continual basis.
Quality Product: Every home based business either offers a product or service, if not both. The quality of the product/service should be high enough that it is in demand. If you have a product/service that nobody wants you do not have a business. Make sure to research the product/service so you can ensure your comfort level with selling the package.
Replicable System: This is the technology/knowledge behind the scenes that allow the home based business opportunity to run repeatedly without your continued involvement. This system should be state-of-the-art so your home based business will continue to run while you are away.
In addition this system should be easy to understand so if you are required to train others that you sponsor you can teach them the system. If you have a home based business opportunity with good training, then a part of their system will involve on-going training on how to work the system which will allow you to run your business without picking up the phone.
What are my Next Steps?
Along with understanding the essential key elements necessary to run a turn-key home based business, each person should work on developing their mindset. The purpose of developing your mindset is to recognize that any business requires work even a home based business.
Many people get into home based businesses thinking they will make instant money and don’t want to spend the time building an organization. Often times if people put the same amount of work into their online business as they do other priorities in their life, success will come in time.
Networking is another step home business owners need to take seriously. There are a lot of successful people in the home based business industry that are willing to assist new business owners navigate the waters of this online world. These experienced network marketers can offer critical advice to help you avoid the mistakes they made.
Now that you understand the five key essential elements to a turn-key home based business you can research the different opportunities available. There are a lot of home based business opportunities to choose from and in a future post I will look at the different systems along with their pros and cons.
I am currently involved with a home based business opportunity that has the essential five elements discussed above, but I know my opportunity is not for everyone. For those individuals that would like to take a look at my opportunity click here. For an unbiased review of this opportunity, click here.
If you have any suggestions, comments or questions, or you want to suggest topics for discussion, click here to contact me.
Here’s to thinking like an entrepreneur and achieving your dreams.